OPPORTUNITIES AND CHALLENGES FOR FINTECH STARTUPS: THE CASE STUDY OF THAILAND

Abstract

In the industry 4.0 model, innovation and technology are adopted to revolutionize business models with a particular focus on repeatable and scalable business models. This study investigates the opportunities and challenges of FinTech startup firms using Thailand as a case study. A mixed-method approach is adopted using secondary data accessed from Thailand FinTech associations and primary data collected from in-depth interviews. Descriptive analysis and content analysis were used to achieve robust results. The empirical results show a snapshot of FinTech firms in Thailand, and how they generate both opportunities and challenges for development and growth. Findings indicate that these opportunities and challenges occur as a result of the national technology system and financial regulations, symbiotic relationships, and the inter-relationship through digital literacy, financial literacy, and financial inclusion. The study discusses each factor in detail and proposes suggestions for further studies. The findings could be used by policy makers and local authorities to make improvements, as well as minimize the potential risks for FinTech startup firms and contribute to sustainability in the economy as a whole